Senior Citizens Welfare Fund

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News:Minister of State for Social Justice and Empowerment has informed Rajya Sabha about the Senior Citizens Welfare Fund.

Facts:

About Senior Citizens Welfare Fund:

  • The Senior Citizens Welfare Fund (SCWF) has been established under the Finance Act,2015.
  • The fund is to be utilized for such schemes for the promotion of the welfare of senior citizens, in line with the National Policy on Older Persons.
  • The nodal ministry for the administration of the Fund shall be the Ministry of Social Justice and Empowerment.
  • The fund will be administered by an Inter-Ministerial Committee headed by a Chairperson.The Committee will be competent to spend money from the fund.
  • The committee will be headed by Secretary in the Ministry of Social Justice and Empowerment who shall be the ex-officio Chairperson along with officials from other departments.
  • The fund will be sourced from the unclaimed deposits for over 7 years in any of the schemes such as Small Savings Schemes, Employees Provident Fund, Public Provident Fund among others after the account has been declared inoperative.
  • The rate of interest for the money lying in the Fund shall be determined and notified by the Central Government in the Ministry of Finance on an annual basis.